Payment System - Stripe, Cashfree

Design a payment system like Stripe that allows merchants to securely accept payments from customers.

Example:

A mobile app developer needs to integrate a payment system into their app to allow users to purchase premium features. The developer chooses to use a payment system like Stripe that offers secure payment processing and fraud protection.

Functional Requirements:

• Allow merchants to securely accept payments from customers using various payment methods (credit/debit cards, mobile wallets, bank transfers, etc.).
• Provide an easy-to-use merchant dashboard to manage transactions, view reports, and issue refunds.
• Offer customizable checkout forms to fit the merchant's branding and user experience.
• Support recurring payments and subscriptions.
• Offer fraud protection and chargeback management.
• Provide APIs and SDKs for developers to integrate the payment system into their apps or websites.

Non-functional Requirements:

• Ensure the system is highly secure and PCI compliant.
• Support a high volume of transactions per second with low latency.
• Ensure high availability and uptime with minimal downtime for maintenance.
• Offer reliable disaster recovery and backup solutions.
• Comply with relevant regulations and laws for handling payments and user data.

Assumptions:

• The payment system assumes that users have valid payment credentials and are authorized to make transactions.
• The payment system assumes that users will not engage in fraudulent activities or misuse the payment system.
• The payment system assumes that the integration with third-party platforms will be seamless.

Estimated Usage:

• The payment system should be able to handle at least 1 million transactions per day.
• The payment system should be able to support at least 10,000 businesses and their customers simultaneously.
• The payment system should be able to provide real-time currency conversion for at least 100 currencies.